[§1201. Repealed.
Pub. L. 115–97, title I, §13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096
]
Section, Aug. 16, 1954, ch. 736,
Subsection (b) of this Section Prior to Repeal
Prior to repeal by section 13001(b)(2)(A) of
(b) Special rate for qualified timber gains
(1) In general
If, for any taxable year beginning in 2016, a corporation has both a net capital gain and qualified timber gain-
(A) subsection (a) shall apply to such corporation for the taxable year without regard to whether the applicable tax rate exceeds 35 percent, and
(B) the tax computed under subsection (a)(2) shall be equal to the sum of-
(i) 23.8 percent of the least of-
(I) qualified timber gain,
(II) net capital gain, or
(III) taxable income, plus
(ii) 35 percent of the excess (if any) of taxable income over the sum of the amounts for which a tax was determined under subsection (a)(1) and clause (i).
(2) Qualified timber gain
For purposes of this section, the term "qualified timber gain" means, with respect to any taxpayer for any taxable year, the excess (if any) of-
(A) the sum of the taxpayer's gains described in subsections (a) and (b) of section 631 for such year, over
(B) the sum of the taxpayer's losses described in such subsections for such year.
For purposes of subparagraphs (A) and (B), only timber held more than 15 years shall be taken into account.
See Extension of Special Rule Relating to Qualified Timber Gain note set out below.
Effective Date of Repeal
Repeal applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of
Extension of Special Rule Relating to Qualified Timber Gain